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1996 SESSION

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SB 313 Banking and finance; qualified financial contracts.

Introduced by: Richard J. Holland | all patrons    ...    notes | add to my profiles

SUMMARY:

Banking and finance; qualified financial contracts. Authorizes a bank to pledge its assets in connection with qualified financial contracts as defined in 12 U.S.C. 1821 (e) (8) (D) (i). Such definition includes any securities contract, commodity contract, forward contract, repurchase agreement, swap agreement and other similar agreements. Under the bill, the qualified financial contract must be in writing and approved by the bank's board of directors or an appropriate committee.


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